Jinke culture affiliate's shares face second auction after initial failure

Zhejiang Jinke Culture Industry Co., Ltd. has disclosed that 2,462,375 shares, representing 0.07% of the company's total share capital, held by Zhejiang Pingchu Trading Co., Ltd., a party acting in concert with its controlling shareholder, are set for a second auction. The initial auction, held from October 16 to October 17, 2025, resulted in no bids due to Pingchu Trading's bankruptcy liquidation proceedings. The shares will be disposed of in a split manner via Taobao's online auction platform, with a minimum bid quantity of 100,000 shares.

Upon the successful transfer of these shares, Pingchu Trading will no longer hold any company stock. However, this divestment is not expected to alter the company's control or impact its normal operations. The second auction is currently in the public announcement phase, with subsequent steps involving bidding, payment, and share transfer.

Investors are advised to note the inherent uncertainties in the auction process, including potential for further no-bids or withdrawals. The successful bidder will be subject to a six-month lock-up period, prohibiting the sale of the acquired shares within that timeframe. The company will continue to monitor developments and provide updates as required by information disclosure regulations.